Gold, Silver Prices Dive on Week; US Mint Bullion Coins Rebound

U.S. bullion prices retreated for much of the week. Silver and platinum futures were hit hardest with respective weekly losses of 4.7% and 4.2%. Palladium notched a loss of 2.4% and gold fell 2.3%.

On Friday, gold for April delivery shed $5.80, or 0.4%, to close at $1,572.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the worst since July and the yellow metal has fallen in six of seven sessions. In dollar terms this week, gold declined $36.70.

"The bulk of the participants in the weekly Kitco News gold survey look for gold to either stabilize or bounce next week since major chart support is holding so far around the roughly $1,525 area and due to perceptions that the market may be ‘oversold’ in the near term," noted Allen Sykora of Kitco News. "Of 21 participants who responded, 11 see prices up, seven see prices sideways and three look for the recent slide to resume next week."

United States Mint bullion products with sales by day and for the year-to-date follow.

Sales of United States Mint 2012 Bullion Coins

Mon

Tue

Wed

Thurs

Fri

2013 Sales

1 oz American Eagle Gold Bullion Coins

0

3,500

0

4,000

6,500

176,500

1/2 oz American Eagle Gold Bullion Coins

0

2,000

0

0

0

21,000

1/4 oz American Eagle Gold Bullion Coins

0

4,000

0

0

2,000

34,000

1/10 oz American Eagle Gold Bullion Coins

0

35,000

0

0

0

175,000

1 oz American Buffalo Gold Bullion Coins

0

4,500

0

1,500

0

81,500

5 oz America the Beautiful Silver Bullion Coins

0

6,600

0

0

0

38,800

1 oz American Eagle Silver Bullion Coins

0

454,500

424,500

0

24,000

10,044,500

In numismatic news this week, the United States Mint cut gold coin prices on Wednesday but it will raise premiums later. Also on Wednesday, the collectible five ounce Acadia silver coin sold out. It is the second of the numismatic 2012-dated five ounce silver coins to do so. Three remain for sale.

Bullion Prices in London

Like precious metals futures in New York, bullion prices in London fell sharply. Palladium dropped the least but that was due greatly to its 1.4% gain on Friday. Also on Friday, gold declined barely at 50 cents while silver and platinum each went up 0.2%. Daily bullion prices and the seven-day percent and net changes are below.